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January 25, 2012

IRS Creates Settlement Program for Worker Classification Issues

by Rick Willinger, CPA, MST

Are your file cabinets overflowing? Are you awash in a sea of old checks, bank statements and pay stubs? Get organized with a plan that purges the unnecessary and ensures you have saved what you need to keep the IRS happy should they come calling.

While it is tempting to hang onto every piece of paper in case you need it, there are documents you can go ahead and get rid of without fear of consequences.

There are many reasons to keep records. In addition to tax issues, you may need to keep records for insurance purposes or for getting a loan. Good records will help you identify sources of income, keep track of expenses, prepare your taxes, support your tax return and keep track of the “basis” of your property (the actual cost of your home and any improvements).

Click here to learn about how long you should keep your records.

Getting Your Customers to Pay Up
by Holly Sabo, CPA

Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for the small business health care tax credit. This credit can enable small businesses and small tax-exempt organizations to offer health insurance coverage for the first time. It also helps those already offering health insurance coverage to maintain the coverage they already have. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ 25 or fewer workers with average income of $50,000 or less.

Businesses that could not use the credit in 2010 may be eligible to claim it now or in the future. Some businesses that already locked into health insurance plan structures and contributions for 2010 may not have had the opportunity to make any needed adjustments to qualify for the credit for 2010. So these businesses may be eligible to claim the credit on 2011 returns or in years beyond. Small employers can claim the credit for 2011 through 2013 and for two additional years beginning in 2014.

Continue reading to learn what you need to know about the small business health care tax credit.

Mercadien Launches 2012 Business Outlook Survey

The Mercadien Group is conducting its 4th annual Economic Business Outlook Survey. We ask that you take a few minutes to complete our 2012 Business Outlook Survey. Because we value your insight, and recognize that your time is valuable, we will be entering all respondents including yours into a drawing for an i-Pad. Please click here to start the survey.

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Contact Us at: The Mercadien Group • P.O. Box 7648, Princeton, NJ 08543-7648 • Phone (609) 689-9700 • Fax (609) 689-9720